# USD/CAD: Softer growth data might add to near-term pressure on the Loonie – Scotiabank — Octa

> Scotiabank analysts said softer Canadian growth data could add to near-term pressure on the Canadian dollar, which had slipped to the mid-1.36 range ahead of GDP figures. They argued the Bank of Canada may need more tightening given sticky inflation and a reviving housing market.

- Date: 2023-05-31 · published 2023-05-31T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/36187-usd-cad-softer-growth-data-might-add-to-near-term-pressure-on-the-loonie
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

A forecast of weaker near-term loonie support is a currency view with limited direct effect on feed commodity prices. It matters mainly for Canadian export pricing in US dollar terms.

## Read by commodity

- USDCAD: bullish ▲

## Sources

- octabroker.com: https://www.octabroker.com/markets/news/view/1044394/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.